Drafting a Trust In Towson, Maryland

Find the right Drafting a Trust attorney in Towson, MD

A trust in Towson, Maryland is a legal arrangement for the management of property by one individual, for the benefit of another. In the simplest possible terms, if property is held in trust, it is possessed and controlled by one person, but it is technically owned by another individual, who benefits from the property.

There are various reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Additionally, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

If you are a trustee, you can authorize the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it very challenging) to spend it on things you don't approve of.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Towson, MD Trust

To formulate a legitimate trust in Towson, Maryland, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.

Lastly, and perhaps most especially, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Towson, Maryland Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly confusing. Therefore, you should probably seek the guidance of a Towson, Maryland attorney if you wish to set up a trust.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Towson

Towson, Maryland is the county seat of Baltimore County. Its population of over 53,000 residents makes it the second largest unincorporated county seat in the entire U.S. Towson is recognized as an excellent city for retail and shopping endeavors.

The highlight of Towson is the Towson Town Center. The Town Center is Baltimore County's largest indoor shopping mall. It has four stories filled with all types of different shops, including a unique bookstore located structurally underneath Joppa Road. Another great place to visit is Alleghany Avenue, Towson' main downtown street. Alleghany Avenue is famous for its wide variety of local eateries.

Education is also a major aspect of Towson life. Towson University (TU) is located in the city and has an associated body of 20,000 students. The largest business school in Maryland is located at the University, as are the Towson Center arena and Unitas Stadium.

Several prominent persons have called Towson their home: football legend Johnny Unitas, Olympic swimmer Michael Phelps, and writer F. Scott Fitzgerald, to name a few.

The Maryland District Court has a branch conveniently located in Towson. The District Court is where most Towson lawyers file legal claims. Lawyers in Towson, Maryland are a great asset to the city and its community.

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